On the other side of tech compensation, that’s less than a returning intern I mentored got when they came back - and not as a software developer as a junior consultant at BigTech working remotely where we make 10% less than software devs at the same level
I still posit that it is more about priorities (and lack of dependents) for your average mid careers professionals.
There are people making less who choose the RV life or AirBnbs and cars.